Bitcoin Price Analysis: Upward Drift Continues Following Established…

Since mid-February, the bitcoin market has continued to drift upward toward a band of strong, macro resistance (shown below as a red band). This slow, drift upward marks our fourth test of the resistance zone and, unlike the three prior tests, our rejection of the level has shown a weakness on the side of the bears: Figure 1: BTC-USD, Daily Candles, Fourth Rejection If we compare the three prior rejections (labeled 1, 2 and 3), we see that the move into this resistance level was violent — and had equally…

LocalBitcoins, Once a Go-To for Anonymous Bitcoin Transactions, Adds KYC

The Finland-based, peer-to-peer cryptocurrency trading platform LocalBitcoins released a statement on March 25, 2019, responding to a new act approved by the Finnish Parliament that will require users to verify their identities. This marks a major change for the service, which had been a primary way for users wishing to protect their anonymity to meet others willing to buy or sell bitcoin in person without sharing details about their identities. The Act on Virtual Currency Service Providers was passed alongside an amendment to the country’s existing Act on Detecting and…

Innisfil Becomes First City in Canada to Accept Bitcoin for Municipal Taxes

Ohio might have made history as the first state to accept cryptocurrency for corporate taxes, but one Canadian town is adding its name to the books by becoming the first in North America to permit its citizens to pay their personal taxes in bitcoin. The tiny town of Innisfil (with a population of 36,500), situated about 45 minutes north of Toronto, just approved an initiative that will allow its residents to satisfy their municipal taxes (income taxes and property taxes) in bitcoin, beginning in April 2019. Andrei Poliakov, the founder…

Europol Launches Global Campaign Against Dark Web Vendors, Buyers

The European Union Agency for Law Enforcement Cooperation, better known as Europol, announced on March 26, 2019, that it has made an ongoing partnership with law enforcement from Canada, the United States and the member states of the European Union to target buyers and sellers of illegal items on the dark web. This announcement was made on Europol’s website, describing the progress of the crackdown to date, including 61 arrests made and over €6.2 million ($6.9 million USD) worth of crypto assets, fiat currency and gold seized. Europol began gathering…

Bitcoin (BTC) Volumes 6X Those of Ethereum

Bitcoin price stable below $4,200 Bitcoin market cap share is 52 percent Transaction volumes low but bullish divergence could help lift prices Most crypto exchanges are deliberately inflating volumes according to a follow up analysis by Open Market Cap (OMC). After making their findings public, OMC concludes that Bitcoin trade volumes are up-to 6X those of Ethereum. We expect Bitcoin (BTC) trade volumes to spike once bulls breach $4,500. Bitcoin Price Analysis Fundamentals After Bitwise revelations, Open Market Cap took it upon themselves to re-affirm just “how cryptocurrency volumes are…

Bitcoin Adoption Crippled by Public’s ‘Serious Mental Barrier’

Bitcoin won’t go mainstream anytime soon because there’s a societal mental block that’s hindering mass adoption. That’s the opinion of Jack Mallers, creator of the Zap Lightning Network wallet. Mallers made the remarks at a recent forum hosted by the MIT Bitcoin Club (video below). Mallers: Bitcoin Skeptics Think It’s Too Risky Mallers believes the reluctance to embrace bitcoin is tied to the negative public perception of crypto more so than technical obstacles. “There’s a serious mental barrier that needs to be broken down as far as people’s relationship with…

Emurgo-Ledger Partnership Fuels Cardano (ADA) Demand, up 23 Percent

Cardano price up 21.9 percent from last week’s close Ledger Nano S now supports ADA A breakout above 6 cents at the back of high transaction volumes means bulls are in control Ledger Nano S now supports Cardano (ADA) after Yoroi’s integration with the hardware wallet maker. Because of their superior market share, Ledger’s support is beneficial for ADA since more users would be willing to invest and securely hold their assets. Meanwhile, increasing demand could further drive Cardano (ADA) prices above 9.5 cents towards 20 cents. Cardano Price Analysis…

Fake Volume on Crypto Exchanges Isn’t the Half of It

Daniel Cawrey is CEO of Pactum Capital, a cryptocurrency investment firm focused on market making and liquidity. Formerly a CoinDesk Contributing Editor, he is author of the upcoming “Mastering Blockchain” book to be published by O’Reilly Media. Recently, a report was produced by Bitwise Asset Management showing the existence of faked volumes in the bitcoin market – 95% of total volume according to its research. It’s hard to disagree with many of the facts in the report. Yet there are some items left out in this presentation to the SEC.…

HSBC Exec Urges CFTC to Make More ‘Positive Noise’ About Blockchain

A banker from HSBC urged the U.S. Commodity Futures Trading Commission (CFTC) to make more “positive noise” about distributed ledger technology (DLT), in order to encourage adoption by hesitant businesses. Among other recommendations for the agency, “it would also be beneficial if the CFTC would give some positive words around DLT and DLT adoption,” HSBC senior vice president Jesse Drennan said during the regulator’s Technology Advisory Committee meeting Wednesday. Adoption of the tech is not exactly “being hindered right now,” Drennan explained, but firms looking to either go live with a DLT platform…